Whale is 100 percent right (as usual).
However, some Owners Corps will agree to either remove the restriciton on spending for the next year or raise the limit. This happens more commonly in buildings that are undergoing repairs or upgrades where they know that work needs to be done and they know roiughly how much it may cost but they don’t know exactly how much till they start the work.
A good example might be where say, you have budgetted $10,000 for driveway repairs and $10,000 for lanscaping. The contactor might tell you you will get a better result if you spent $12K on the driveway and that would mean you only had to spend $5K on landscaping.
Do you really want the hassle of a general meeting for something that’s going to give a better result and cost you less?
It’s a power that must be used wisely – but it is very useful in the right hands.